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If you are a part of the Salem community, you can count on reliable service for their conventional and unconventional loans with Prysma as their lender.
Prysma has helped hundreds of families realize that they do have the option to own their own home.Our team of professionals will work with you to discuss all of the best possible loan options, rates, and circumstantial factors that contribute to your mortgage.
We are happy to guide you online, over the phone, or in person at one of our two offices:
If you are interested in learning how to begin working towards home ownership, please fill out the form on our web page, or call us today at: 855-950-0202
Conventional Mortgage Loans in Salem
The Federal Housing Administration (FHA) or the Veterans Administration (VA) backs and insures Conventional loans. This means that since there is no governmental financing; instead, Prysma, the lender, is responsible for all mortgaging. Our conventional loan options at Prysma:
● Fixed-Rate Loan: A fixed interest rate loan is a loan where the interest rate doesn’t fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the prevailing discount rate.
● Adjustable-Rate (ARM) Loan: A good option for Salem homeowners planning on keeping their house for a short term are Arm loans. An adjustable-rate mortgage, or ARM, is a home loan that starts with a low fixed-interest “teaser” rate for three to 10 years, followed by periodic rate adjustments. ARMs are different from fixed-rate mortgages, which keep the same interest rate for the life of the loan.
Non-Conventional Mortgage Loans in Salem
● Federal Housing Administration (FHA) Loan: An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, FHA loans require a lower minimum down payments and credit scores than many conventional loans.
● Tax ID Loan: These loans are the right fit for Non-US citizens who do not have a Social Security number, credit score, or Green Card. We offer loans to workers who have a passport and Individual Tax Identification Number (ITIN).
● Veterans Administration (VA) Loan: As a military veteran looking for a mortgage loan within Salem, the most suitable loans for you may be our VA loans. For the most part, these do not have a requirement of money done and, instead, come with very low interest rates (in comparison to conventional loans); except the requirements one has to meet to be able to possess these loans are: proof of military service, proof that you haven’t been dishonorably discharged and prior financials.
Mortgage Refinancing in Salem
Mortgage Refinancing Options: Refinancing is most common when you want to make adjustments to your monthly payments. To pay less through the lifetime of the loan or pay off the mortgage quicker, this can mean increasing or decreasing your interest rate or monthly payments. At Prysma, our goal is to mold your mortgage around your lifestyle and financial needs. Refinancing is often a useful option for Salem homeowners.
Reverse Mortgage Options in Salem
Reverse Mortgage Options: Instead of a borrower making payments to a lender, the lender makes payments to the borrower. Unlike conventional home equity loans, most reverse mortgages do not require payment of principal, interest and certain fees as long as you live in your home. For some reverse mortgage loans you must be at least 60 years old and for others you must be at least 70 years of age and have a low income.
Our Connecticut Home Loan Office Locations
Although we have two offices in Connecticut, Prysma is licensed to serve the CT, NY, MA & FL areas. We give you the option of convenience with the ability to complete all loan processes over the phone or by email.
Our two physical locations include:
Focused on Hispanic Homeownership
We know that not everyone gets treated equally in the home-buying process. We’re here to correct that for members of our community.
20+ Years of Experience
We’re passionate about what we do, so it’s easy for us to keep growing and delivering home loans to Hispanic families throughout Salem, MA
We’re Honest And Transparent
We want to make your home-buying experience as clear and accessible as possible. We will always be upfront with you about your options.
We Find Solutions
The home-buying process can be challenging. We’ll help you navigate your options and find the home loan that’s perfect for you.